TRF has exercised the call option to acquire 12,366,198 ordinary shares, representing 49% of the issued and paid up capital of York Singapore, for a purchase consideration of SGD 22,178,255. The company has exercised its call option on March 23, 2012.
Earlier, on October 05, 2007, TRF had acquired 51% shares representing 12,870,941 shares in York Transport Equipment (Asia), Singapore (York Singapore) from Baker Technology through its wholly owned subsidiary - TRF Singapore. The company had also entered into call and put options agreement dated October 05, 2007 with Baker Technology to buy out balance 49% shares of York Singapore at a price to be determined based on the formulae set out in the options agreement.
York Singapore and its subsidiaries (York Group), $70 million conglomerate manufacture trailer axles, assemble trailer suspension kits and distribute a full range of tuck / trailer components.
TRF, incorporated in 1962, belongs to Tata group and is engaged in the business of design, manufacture, supply, installation and commissioning of engineered-to-order equipment and systems.
